SAIL at 14-yr high; Can steel stocks extend rally? Here's what charts say

The Nifty Metal index has gained 6% in the last 3 days outperforming the benchmark Nifty. Here's a technical outlook on SAIL, Tata Steel, JSW Steel and Jindal Steel.

Steel stocks have outperformed in recent trading days on the back of upbeat production & sales in FY24 and hopes of economic rebound in China.

Tata Steel reported a record-breaking 20.5 million tonnes of steel production in FY24. SAIL too posted 5 per cent growth in crude steel production at 19.2 million tonne for the financial year ended March 2024. SAIL also achieved its highest-ever sales volume of 17.1 MT for the year.

Meanwhile, China's manufacturing activity expanded in March after five consecutive months of contraction raising hopes of a recovery in the world's second largest economy.

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